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Bank of America raising interest rates

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posted on Apr, 7 2009 @ 07:01 AM
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Originally posted by mikellmikell
And of course BoA doesn't require a SS number to get a credit card. I gusee those of us with SS numbers get to pay the bills of those that can't get one because they are illegal!!!


Not sure what BOA card you applied for but eveyone one of their cards I know about, you need a SS# to obtain one. Also to the MBNA comment, they merged together years ago.




posted on Apr, 7 2009 @ 07:51 AM
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reply to post by mybigunit
 


Way to go Mybigunit! I got a letter from Chase last month raising my rate from 6.99% to 16.99%. I had 20 days to opt out in writing, so I wrote them that "the day that Jamie Dimon himself follows me around and kisses my hairy ass each time I swipe their card, is the day I'll pay them 16.99% for their effing credit."


These fracking banks are getting funds from the Fed at 0.25% !!!



posted on Apr, 7 2009 @ 09:12 AM
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Hey everyone thanks for all the very different advice. I worked for the beast of credit card company Visa for 7 years. People, I saw the raping that these companies did first hand. Say, someone had a $1000 limit if they where at $950 on their statement as a balance & they made a minimum payment of $15 the next months statement would then put them over their limit from the interest charged, in turn raise their interest rate. The late charge fee were $35 & the overlimit fees were $35, which were monthly accured. Cardholders would stop paying out of anger which was the hope of creditors & usually charge off in 6 months time.The accounts people didnt pay were wrote-off by the banks that held the credit cards anyway- so no real loss to the banks. But what they did not realize was after 6months it is sold to a 3rd party collection agency & that was when settlement arrangments were negotiated. When people get a settelment at that time, their credit is shot & just a heads up from the inside. we as visa would call other visa cards & let them know what was going on with this account & they in turn would find away to close your other non-related account down for fear of you defaulting on them. Its a inside system. Well, back to the settlement when you settle with a collection agency you basically settle for the original balance or close to because when its to that stage there are endless fees, I mean in some case I have seen $1000's of dollars added on. Another trap in CCCS or consumer credit counseling they claim they help but in all honesty did you know the creditors pay them why else do you think they get your interest lowered. CCCS also can stay on your credit for 7-10 yrs like a bankruptcy. As well as Debt settelment companies. So yes I will close down my account and pay what I owe. Because I know the ramifications if I don't. Next time I will learn not to ever rely on the beast system of credit cards. We the people must stop relying on the beast system & live within our means. Rely on ourselves & trust no one. That is survival.



posted on Apr, 7 2009 @ 12:49 PM
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Originally posted by tide88
[... Also to the MBNA comment, they merged together years ago.



yes, the continuing merging of the credit card businesses are continuing, as more departments are incorporated into the total business...
most processes of thia sort take years to accomplish.
I take notice that BofA still has a special page dedicated to the MBNA merger.... in addition to the standard Q&A fact-page which details the different rates/fees/info for the 'services' that BofA provides

see:


Bank of America and MBNA have merged

MBNA Corporation and Bank of America Corporation have merged, and MBNA is now part of the Bank of America family of companies. While we complete the integration of the two companies, you will notice that elements of the two privacy policies differ. We recommend that you review the MBNA privacy policy. View the MBNA Privacy Notice.



Accessing your MBNA card
In the short term, continue to use and service your MBNA credit cards as you do today at MBNA.com. You'll receive more information later this year about how and when your MBNA accounts will be integrated into Online Banking at Bank of America, currently anticipated as being in late 2006. In the meantime if you have questions, call us at 1.800.421.2110.



Our commitment to our communities
We continue to build upon our previously announced 10-year goal to provide $750 billion in community development, lending and investing which is one of the largest in the history of financial institutions. Additionally we have announced a goal of $1.5 billion over 10 years in charitable contributions.
We know our company can only be as strong as our communities, and our policies reflect that belief.



Exciting opportunities
The merger of MBNA and Bank of America offers many exciting opportunities to meet your financial, investment and community needs. Be sure to continue checking this site for the latest information about the advantages that this merger will bring to your household and to your neighborhood.



point, BofA sure wouldn't keep an outmoded notice active if it weren't necessary

point, BofA (see the bold text) which explains the 10 year horizon
for community development & charitable contributions...
not being privy to corporate policy decisions, i'd suggest that 'funding' for these 10 year promises (required in the M&A agreement?) has to be raised from somewhere--- & that somewhere might be from 'service fees',

Maybe, the credit card rates would not be escalating if these 10 year programs (community development/charitable $$) did not exist in the 1st place. I'd suggest that the mbna merger is ongoing & requires the noted 10 yr expense programs...
www.bankofamerica.com...

www.bankofamerica.com...


[edit on 7-4-2009 by St Udio]



posted on Apr, 8 2009 @ 04:44 PM
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reply to post by St Udio
 




You'll receive more information later this year about how and when your MBNA accounts will be integrated into Online Banking at Bank of America, currently anticipated as being in late 2006.


The merger was completed on jan 1, 2006.


On 30 June 2005, Bank of America announced it would purchase credit card giant MBNA for $35 billion in cash and stock. The Federal Reserve Board gave final approval to the merger on 15 December 2005, and the merger closed on 1 January 2006


Go to mbna.com it say mbna merged with BOA.

Here is also an article about the integration of MBNA into BOA.

Few glitches arise as boa integrates mbna cards

The page you show is outdated. I actually had a mbna credit card and they sent me a new BOA card years ago. If you look at this section on the page you posted.


You will receive a Bank of America branded business credit card in the mail THIS spring. Your new card will have the same account number and PIN as your current card. Until you receive your new card, please continue to use your current business credit card and access checks as you today.

Obviously the page is outdated. I recieved my new BOA card back in 2006. Almost 3 years ago.



[edit on 8-4-2009 by tide88]



posted on Apr, 8 2009 @ 05:12 PM
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Raising interest rates is a pretty risky way to try to recoup losses. It will cause further defaults. This is Econ 101 (see: equilibrium points).

If the people running these companies aren't clever enough to figure this out, then I have absolutely no sympathy for them. Especially when the initial defaults were due largely to sub-prime lending practices.

[edit on 8-4-2009 by theWCH]



posted on Apr, 8 2009 @ 05:25 PM
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reply to post by theWCH
 


I agree, it is risky. However when you are already trying to cut your lending it isnt that bad of an idea. You raise thier rates and they cancel their cards and pay their balances, this helps get rid of some those credit lines you want to close anyway. And I bet that only about 10% of the people will cancel their account. So when you are trying to close credit lines and at the same time make some extra money raising rates it isnt that bad of an idea. I agree in normal time this is a bad business plan, but during times like this, it isnt such a bad idea/



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